Question 2 The following information is taken from the records of WeBs Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dec1 Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 2 Dec 12 Purchase 125 3 Dec 13 Sale 300 Dec 19 Purchase 350 2 Dec 29 Purchase 150 1 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: (0) FIFO (ii) Weighted average. [11 mark] (b) Assume each unit was sold for RM5. Complete the following partial income statements : [4 marks] FIFO Weightage Average Sales Less: Cost of Sales Gross Profit